• TopBuild Reports Fourth Quarter and Year-End 2022 Results

    来源: Nasdaq GlobeNewswire / 23 2月 2023 06:45:40   America/New_York

    Fourth Quarter Highlights

    • Sales increase 18.9% to $1.3 billion, with same branch revenue increasing 14.2%
    • Net income increases 83.6% to $143.8 million, or $4.52 per diluted share
    • Adjusted EBITDA margin expands 170 basis points to 18.8%

    Full Year Highlights

    • Sales increase 43.7% to $5.0 billion, with same branch revenue increasing 18.8%
    • Net income increases 71.6% to $556.0 million, or $17.14 per diluted share
    • Adjusted EBITDA margin expands 140 basis points to 18.8%

    Provides 2023 Sales, Adjusted EBITDA Guidance and Assumptions

    DAYTONA BEACH, Fla., Feb. 23, 2023 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), a leading installer and specialty distributor of insulation and related building material products to the construction industry in the United States and Canada today reported results for the fourth quarter and full-year ended December 31, 2022.

    Robert Buck, President and Chief Executive Officer, stated, “We closed 2022 with a solid fourth quarter, completing another outstanding year for TopBuild. The TopBuild team delivered on our objective of achieving strong top and bottom-line growth as our unique operating model continues to differentiate TopBuild, giving us distinct competitive advantages in the three end-markets we serve.

    “Throughout 2022, the TopBuild team demonstrated profitable growth, benefitting from a relentless focus on improving operational efficiencies and leveraging fixed costs. We also successfully integrated DI and demonstrated improved operating results with this key acquisition.

    “TopBuild’s unique operating model continues to enable our ability to outperform in any environment. Since 2018, revenue has doubled, growing at a compounded annual rate of 20% and our adjusted EBITDA margin has expanded 690 basis points.

    “Looking at 2023 and beyond, we see multiple avenues of growth available to us. We have a strong track record of executing on our plan, producing solid results, and creating value for our shareholders.”

    Fourth Quarter Financial Highlights

    (comparisons are to the quarter ended December 31, 2021)

    3 Months Ended 12/31/22ReportedChange
    Sales$1,264,54318.9%
    Gross Margin29.7%310 bps
    SG&A as % of revenue13.6%(190 bps)
    Operating Profit$203,11471.5%
    Operating Margin16.1%500 bps
    Net Income$143,83483.6%
    Net Income per diluted share$4.5290.7%
       
    3 Months Ended 12/31/22AdjustedChange
    Sales$1,264,54318.9%
    Gross Margin29.7%160 bps
    SG&A as % of revenue13.5%(40 bps)
    Operating Profit$204,49235.7%
    Operating Margin16.2%200 bps
    Net Income$140,08135.6%
    Net Income per diluted share$4.4041.0%
    EBITDA$237,41330.4%
    EBITDA Margin18.8%170 bps
       
    3 Months Ended 12/31/22Adj. Same BranchChange
    Sales$1,214,18314.2%
    Gross Margin29.8%170 bps
    Operating Margin16.3%210 bps
    EBITDA Margin18.8%170 bps
    Incremental EBITDA Margin30.8% 

    Full Year 2022 Financial Highlights

    (comparisons are to twelve months ended December 31, 2021)

    12 Months Ended 12/31/22ReportedChange
    Sales$5,008,74443.7%
    Gross Margin29.7%180 bps
    SG&A as % of revenue13.8%(50 bps)
    Operating Profit$797,16467.3%
    Operating Margin15.9%220 bps
    Net Income$555,98971.6%
    Net Income per diluted share$17.1475.3%
       
    12 Months Ended 12/31/22AdjustedChange
    Sales$5,008,74443.7%
    Gross Margin29.7%130 bps
    SG&A as % of revenue13.6%0 bps
    Operating Profit$804,96656.2%
    Operating Margin16.1%130 bps
    Net Income$554,95354.3%
    Net Income per diluted share$17.1157.7%
    EBITDA$940,61155.2%
    EBITDA Margin18.8%140 bps
       
    12 Months Ended 12/31/22Adj. Same BranchChange
    Sales$4,140,51218.8%
    Gross Margin30.5%210 bps
    Operating Margin17.2%240 bps
    EBITDA Margin19.5%210 bps
    Incremental EBITDA Margin30.8% 

    Operating Segment Highlights ($ in 000s)
    (comparisons are to the period ended December 31, 2021)

    Installation3 Months Ended 12/31/2212 Months Ended 12/31/22 Specialty Distribution3 Months Ended 12/31/2212 Months Ended 12/31/22
    Sales$761,261$2,969,978 Sales$563,065$2,278,261
    Change   Change  
    Volume12.4%9.2% Volume-5.1%-0.6%
    Price8.2%12.2% Price11.5%15.8%
    M&A0.8%3.4% M&A9.5%61.8%
    Total Change21.4%24.9% Total Change15.9%77.0%
    Operating Margin18.6%18.5% Operating Margin14.3%14.3%
    Change170 bps240 bps Change530 bps110 bps
    Adj. Operating Margin18.7%18.5% Adj. Operating Margin14.4%14.4%
    Change170 bps230 bps Change200 bps0 bps
    Adj. EBITDA Margin20.8%20.6% Adj. EBITDA Margin16.7%16.9%
    Change140 bps190 bps Change170 bps90 bps

    Capital Allocation
    “We remain focused on acquiring quality installation and specialty distribution companies that fit within our core insulation businesses. Disciplined identification, analysis, and integration of strategic acquisitions are core competencies as evidenced by our successful track record.

    “Over the past five years we have acquired 24 companies that are contributing approximately $1.6 billion of annual revenue,” added Buck.

    Acquisitions
    In 2022, the Company acquired five residential insulation installation companies which are expected to generate over $17 million in annual revenue. They are listed in the chart below.

     TTM Revenue at Month
    Company AcquiredAcquisition ($ millions)Acquired
    Southwest Insulation$1.7January
    Billings Insulation$6.5February
    Green Energy Solutions$2.0March
    Assured Insulating$5.5April
    CV Insulation$1.6July 
    Total $17.3 

    On January 26, 2023, the Company acquired SRI Holdings, a residential insulation installation company founded in 2012, which generated annual revenue of approximately $62 million for the twelve months ended November 30, 2022.

    Share Repurchases
    In 2022, the Company repurchased a total of 1,390,667 shares of its common stock for approximately $250.0 million.

    2023 Outlook

    Sales and Adjusted EBITDA Guidance (1)
    ($ in millions)

    2023LowHigh
    Sales$4,700$4,900
    Adjusted EBITDA*$820$910

    *See table for adjusted EBITDA reconciliation.

    Assumptions(1)     

    ($ in millions)Range
    2023LowHigh
    Estimated net income$445.0$523.0
    Interest Expense and other, net 72.0 66.0
    Income tax expense 157.0 184.0
    Depreciation and Amortization 128.0 123.0
    Share based compensation 16.0 13.0
    Acquisition related costs 2.0 1.0
    Estimated EBITDA, as adjusted$820.0$910.0

    (1) This guidance and long-term targets reflect management’s current view of present and future market conditions and are based on assumptions such as housing starts, general and administrative expenses, weighted average diluted shares outstanding and interest rates. These targets do not include any effects related to potential acquisitions or divestitures that may occur after the date of this press release. A reconciliation of non-GAAP targets to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, the costs and expenses that may be incurred in the future and therefore, cannot be reasonably predicted. The effect of these excluded items may be significant. Factors that could cause actual long-term results to differ materially from TopBuild’s current expectations are discussed below and are also detailed in the Company’s most recent Annual Report on Form 10-K and subsequent SEC reports.

    Conference Call
    A conference call to discuss fourth quarter 2022 financial results is scheduled for today, Thursday, February 23, at 9:00 a.m. Eastern Time. The call may be accessed by dialing (877) 407-9037. The conference call will be webcast simultaneously on the Company’s website at www.topbuild.com. In addition, a copy of management’s formal remarks and a presentation that summarizes management’s formal remarks will be available immediately prior to the conference call on www.topbuild.com.

    About TopBuild
    TopBuild Corp., headquartered in Daytona Beach, Florida, is a leading installer and specialty distributor of insulation and related building material products to the construction industry in the United States and Canada. We provide insulation installation services nationwide through our Installation segment, which has approximately 230 branches located across the United States. We distribute building and mechanical insulation, insulation accessories and other building product materials for the residential, commercial, and industrial end markets through our Specialty Distribution business. Our Specialty Distribution network encompasses approximately 180 branches. To learn more about TopBuild please visit our website at www.topbuild.com.

    Use of Non-GAAP Financial Measures
    Adjusted EBITDA, incremental EBITDA margin, adjusted EBITDA margin, the “adjusted” financial measures presented above, and figures presented on a “same branch basis” are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes that these non-GAAP financial measures, which are used in managing the business, may provide users of this financial information with additional meaningful comparisons between current results and results in prior periods. We define same branch sales as sales from branches in operation for at least 12 full calendar months. Such non-GAAP financial measures are reconciled to their closest GAAP financial measures in tables contained in this press release. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under GAAP. Additional information may be found in the Company’s filings with the Securities and Exchange Commission which are available on TopBuild’s website under “SEC Filings” at www.topbuild.com.

    Safe Harbor Statement
    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act.  These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, and our plan to repurchase our common stock under stock repurchase transactions. These forward-looking statements can be identified by words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “may,” “project,” “estimate” or “intend,” the negative of these terms, and similar references to future periods.  These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements.  Our forward-looking statements contained herein speak only as of the date of this press release.  Factors or events that we cannot predict, including those described in the risk factors contained in our filings with the Securities and Exchange Commission, may cause our actual results to differ from those expressed in forward-looking statements.  Although TopBuild believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be achieved and it undertakes no obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

    Investor Relations and Media Contact
    Tabitha Zane
    tabitha.zane@topbuild.com
    386-763-8801

    (tables follow)

     
    TopBuild Corp.
    Consolidated Statements of Operations
    (in thousands, except share and per common share amounts)
                 
      Three Months Ended December 31, Year Ended December 31,
      2022
     2021
     2022
     2021
    Net sales $1,264,543  $1,063,398  $5,008,744  $3,486,207 
    Cost of sales  888,871   780,237   3,522,025   2,511,818 
    Gross profit  375,672   283,161   1,486,719   974,389 
                 
    Selling, general, and administrative expense  172,558   164,718   689,555   497,970 
    Operating profit  203,114   118,443   797,164   476,419 
                 
    Other income (expense), net:            
    Interest expense  (16,779)  (10,933)  (56,716)  (29,143)
    Loss on extinguishment of debt     25      (13,837)
    Other, net  1,585   (207)  1,687   4 
    Other expense, net  (15,194)  (11,115)  (55,029)  (42,976)
    Income before income taxes  187,920   107,328   742,135   433,443 
                 
    Income tax expense  (44,086)  (28,968)  (186,146)  (109,427)
    Net income $143,834  $78,360  $555,989  $324,016 
                 
    Net income per common share:            
    Basic $4.54  $2.39  $17.26  $9.88 
    Diluted $4.52  $2.37  $17.14  $9.78 
                 
    Weighted average shares outstanding:            
    Basic  31,648,741   32,753,719   32,213,839   32,801,906 
    Diluted  31,838,352   33,117,227   32,440,405   33,146,171 
                     


     
    TopBuild Corp.
    Consolidated Statements of Comprehensive Income
    (in thousands)
                 
      Three Months Ended December 31, Year Ended December 31,
      2022
     2021
     2022
     2021
    Net income $143,834  $78,360  $555,989  $324,016 
    Other comprehensive loss:            
    Foreign currency translation adjustment  (6,762)  (6,634)  (15,286)  (6,634)
    Comprehensive income $137,072  $71,726  $540,703  $317,382 
                 


     
    TopBuild Corp.
    Consolidated Balance Sheets and Other Financial Data
    (dollars in thousands)
      As of December 31, 
    ASSETS 2022  2021 
    Current assets:        
    Cash and cash equivalents $240,069  $139,779 
    Receivables, net of an allowance for credit losses of $16,281 at December 31, 2022, and $8,798 at December 31, 2021  836,071   668,419 
    Inventories, net  438,644   352,801 
    Prepaid expenses and other current assets  34,257   26,692 
    Total current assets  1,549,041   1,187,691 
             
    Right of use assets  205,892   177,177 
    Property and equipment, net  253,484   244,574 
    Goodwill  1,966,994   1,949,763 
    Other intangible assets, net  614,967   684,209 
    Other assets  16,453   15,116 
    Total assets $4,606,831  $4,258,530 
             
    LIABILITIES        
    Current liabilities:        
    Accounts payable $487,114  $461,917 
    Current portion of long-term debt  40,068   38,640 
    Accrued liabilities  199,370   175,891 
    Short-term operating lease liabilities  60,880   54,591 
    Short-term finance lease liabilities  2,207   2,387 
    Total current liabilities  789,639   733,426 
             
    Long-term debt  1,417,257   1,454,483 
    Deferred tax liabilities, net  251,481   248,243 
    Long-term portion of insurance reserves  59,783   51,875 
    Long-term operating lease liabilities  149,943   125,339 
    Long-term finance lease liabilities  6,673   7,770 
    Other liabilities  2,349   960 
    Total liabilities  2,677,125   2,622,096 
             
    EQUITY  1,929,706   1,636,434 
    Total liabilities and equity $4,606,831  $4,258,530 
             
             
      As of December 31, 
      2022  2021 
    Other Financial Data        
    Receivable days  54   48 
    Inventory days  45   43 
    Accounts payable days  66   65 
    Receivables, net plus inventories, net less accounts payable $787,601  $559,303 
    Receivables, net plus inventories, net less accounts payable as a percent of sales (TTM) †  15.7%  13.3%
             
    † Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches
     


     
    TopBuild Corp.
    Consolidated Statement of Cash Flows
    (in thousands)
           
      Year Ended December 31,
      2022
     2021
    Cash Flows Provided by (Used in) Operating Activities:     
    Net income $555,989  $324,016 
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation and amortization  123,335   79,390 
    Share-based compensation  12,310   11,316 
    Loss on extinguishment of debt     13,837 
    Loss on sale of property and equipment  1,833   1,356 
    Amortization of debt issuance costs  2,867   2,036 
    Provision for bad debt expense  5,510   7,304 
    Loss from inventory obsolescence  6,659   2,637 
    Deferred income taxes, net  6,041   (2,818)
    Change in certain assets and liabilities      
    Receivables, net  (169,327)  (69,042)
    Inventories, net  (93,874)  (46,518)
    Prepaid expenses and other current assets  (9,222)  558 
    Accounts payable  26,581   54,961 
    Accrued liabilities  20,703   24,816 
    Other, net  6,396   (824)
    Net cash provided by operating activities  495,801   403,025 
           
    Cash Flows Provided by (Used in) Investing Activities:      
    Purchases of property and equipment  (76,382)  (55,546)
    Acquisition of businesses, net of cash acquired  (20,500)  (1,267,114)
    Proceeds from sale of property and equipment  2,975   415 
    Net cash used in investing activities  (93,907)  (1,322,245)
           
    Cash Flows Provided by (Used in) Financing Activities:      
    Proceeds from issuance of long-term debt     1,218,750 
    Repayment of long-term debt  (38,658)  (433,070)
    Payment of debt issuance costs     (14,965)
    Proceeds from revolving credit facility  70,000    
    Repayment of revolving credit facility  (70,000)   
    Taxes withheld and paid on employees' equity awards  (11,719)  (8,805)
    Exercise of stock options  2,028   3,303 
    Repurchase of shares of common stock  (250,050)  (35,556)
    Payment of contingent consideration  (1,674)  (650)
    Net cash (used in) provided by financing activities  (300,073)  729,007 
    Impact of exchange rate changes on cash  (1,531)  (15)
    Net increase (decrease) in cash and cash equivalents  100,290   (190,228)
    Cash and cash equivalents- Beginning of period  139,779   330,007 
    Cash and cash equivalents- End of period $240,069  $139,779 
           
    Supplemental disclosure of cash paid for:      
    Interest $49,888  $22,144 
    Income taxes  186,722   109,179 
           
    Supplemental disclosure of noncash activities:      
    Leased assets obtained in exchange for new operating lease liabilities $103,997  $131,909 
    Leased assets obtained in exchange for new finance lease liabilities     10,469 
    Accruals for property and equipment  141   1,060 
             


     
    TopBuild Corp.
    Segment Data (Unaudited)
    (dollars in thousands)
                       
      Three Months Ended December 31,    Year Ended December 31,   
      2022 2021 Change  2022
     2021 Change
    Installation                  
    Sales $761,261 $627,123 21.4% $2,969,978  $2,378,401 24.9%
                       
    Operating profit, as reported $141,961 $105,975    $548,795  $383,722   
    Operating margin, as reported  18.6% 16.9%    18.5 % 16.1%  
                       
    Rationalization charges  161       (174)     
    Acquisition related costs  23  362     135   1,642   
    COVID-19 pay            605   
    Operating profit, as adjusted $142,145 $106,337    $548,756  $385,969   
    Operating margin, as adjusted  18.7% 17.0%    18.5 % 16.2%  
                       
    Share-based compensation  339  270     1,296   1,157   
    Depreciation and amortization  15,869  15,227     62,483   57,815   
    EBITDA, as adjusted $158,353 $121,834 30.0% $612,535  $444,941 37.7%
    EBITDA margin, as adjusted  20.8% 19.4%    20.6 % 18.7%  
                       
    Specialty Distribution                  
    Sales $563,065 $485,813 15.9% $2,278,261  $1,287,176 77.0%
                       
    Operating profit, as reported $80,692 $43,964    $326,226  $169,368   
    Operating margin, as reported  14.3% 9.0%    14.3 % 13.2%  
                       
    Acquisition related costs  266  530     1,502   530   
    Acquisition purchase accounting (inventory step-up)    15,853        15,853   
    COVID-19 pay            54   
    Operating profit, as adjusted $80,958 $60,347    $327,728  $185,805   
    Operating margin, as adjusted  14.4% 12.4%    14.4 % 14.4%  
                       
    Share-based compensation  104  304     1,041   1,032   
    Depreciation and amortization  13,184  12,405     56,881   18,743   
    EBITDA, as adjusted $94,246 $73,056 29.0% $385,650  $205,580 87.6%
    EBITDA margin, as adjusted  16.7%15.0%    16.9 % 16.0%  
                       


     
    TopBuild Corp.
    Adjusted EBITDA (Unaudited)
    (dollars in thousands)
                         
      Three Months Ended December 31,     Year Ended December 31,    
      2022 2021 Change  2022 2021 Change 
    Total net sales                    
    Sales before eliminations $1,324,326  $1,112,936      $5,248,239  $3,665,577     
    Intercompany eliminations  (59,783)  (49,538)      (239,495)  (179,370)    
    Net sales after eliminations $1,264,543  $1,063,398   18.9% $5,008,744  $3,486,207   43.7%
                         
    Operating profit, as reported - segments $222,653  $149,939      $875,021  $553,090     
    General corporate expense, net  (9,650)  (22,893)      (38,018)  (47,018)    
    Intercompany eliminations  (9,889)  (8,603)      (39,839)  (29,653)    
    Operating profit, as reported $203,114  $118,443      $797,164  $476,419     
    Operating margin, as reported  16.1 % 11.1 %     15.9 % 13.7 %   
                         
    Rationalization charges  162          (172)  16     
    Acquisition related costs  1,216   16,262       7,974   22,107     
    Acquisition purchase accounting (inventory step-up)     15,853          15,853     
    Refinancing costs     188          188     
    COVID-19 pay               659     
    Operating profit, as adjusted $204,492  $150,746      $804,966  $515,242     
    Operating margin, as adjusted  16.2 % 14.2 %     16.1 % 14.8 %   
                         
    Share-based compensation  2,637   2,941       12,310   11,316     
    Depreciation and amortization  30,284   28,385       123,335   79,390     
    EBITDA, as adjusted $237,413  $182,072   30.4% $940,611  $605,948   55.2%
    EBITDA margin, as adjusted  18.8 % 17.1 %     18.8 % 17.4 %   
                         
    Sales change period over period  201,145          1,522,537        
    EBITDA, as adjusted, change period over period  55,341          334,663        
    Incremental EBITDA, as adjusted, as a percentage of change in sales  27.5 %        22.0 %      
                         
                         
    † Acquisition related costs include corporate level adjustments as well as segment operating adjustments.
                         


     
    TopBuild Corp.
    Non-GAAP Reconciliations (Unaudited)
    (in thousands, except share and per common share amounts)
                  
      Three Months Ended December 31, Year Ended December 31, 
      2022 2021 2022 2021 
    Gross Profit Reconciliation             
                  
    Net sales $1,264,543  $1,063,398  $5,008,744  $3,486,207  
                  
    Gross profit, as reported $375,672  $283,161  $1,486,719  $974,389  
                  
    Acquisition purchase accounting (inventory step-up)     15,853      15,853  
    Rationalization charges  15      135     
    COVID-19 pay           592  
    Gross profit, as adjusted $375,687  $299,014  $1,486,854  $990,834  
                  
    Gross margin, as reported  29.7 % 26.6 % 29.7 % 27.9 %
    Gross margin, as adjusted  29.7 % 28.1 % 29.7 % 28.4 %
                  
    Sellling, General and Administrative Expense Reconciliation          
                  
    Selling, general, and administrative expense, as reported $172,558  $164,718  $689,555  $497,970  
                  
    Rationalization charges  162      (172)  16  
    Acquisition related costs  1,201   16,262   7,839   22,107  
    Refinancing costs     188      188  
    COVID-19 pay           67  
    Selling, general, and administrative expense, as adjusted $171,195  $148,268  $681,888  $475,592  
                  
    Operating Profit Reconciliation             
                  
    Operating profit, as reported $203,114  $118,443  $797,164  $476,419  
                  
    Rationalization charges  162      (172)  16  
    Acquisition related costs  1,216   16,262   7,974   22,107  
    Acquisition purchase accounting (inventory step-up)     15,853      15,853  
    Refinancing costs     188      188  
    COVID-19 pay           659  
    Operating profit, as adjusted $204,492  $150,746  $804,966  $515,242  
                  
    Operating margin, as reported  16.1 % 11.1 % 15.9 % 13.7 %
    Operating margin, as adjusted  16.2 % 14.2 % 16.1 % 14.8 %
                  
    Income Per Common Share Reconciliation             
                  
    Income before income taxes, as reported $187,920  $107,328  $742,135  $433,443  
                  
    Rationalization charges  162      (172)  16  
    Acquisition related costs  1,216   16,262   7,974   22,107  
    Acquisition purchase accounting (inventory step-up)     15,853      15,853  
    Refinancing costs and loss on extinguishment of debt     163      14,025  
    COVID-19 pay           659  
    Income before income taxes, as adjusted  189,298   139,606   749,937   486,103  
                  
    Tax rate at 26.0%  (49,217)  (36,298)  (194,984)  (126,387) 
    Income, as adjusted $140,081  $103,308  $554,953  $359,716  
                  
    Income per common share, as adjusted $4.40  $3.12  $17.11  $10.85  
                  
    Weighted average diluted common shares outstanding  31,838,352   33,117,227   32,440,405   33,146,171  
                      


     
    TopBuild Corp.
    Same Branch and Acquisition Metrics (Unaudited)
    (dollars in thousands)
                  
      Three Months Ended December 31, Year Ended December 31, 
      2022 2021 2022 2021 
    Net sales             
    Same branch:             
    Installation $756,312  $627,123  $2,889,145  $2,378,401  
    Specialty Distribution  517,010   485,813   1,483,155   1,287,176  
    Eliminations  (59,139)  (49,538)  (231,788)  (179,370) 
    Total same branch  1,214,183   1,063,398   4,140,512   3,486,207  
                  
    Acquisitions (a):             
    Installation $4,949  $  $80,833  $  
    Specialty Distribution  46,055      795,106     
    Eliminations  (644)     (7,707)    
    Total acquisitions  50,360      868,232     
    Total $1,264,543  $1,063,398  $5,008,744  $3,486,207  
                  
    Gross profit, as adjusted             
    Same branch $361,974  $299,014  $1,261,934  $990,834  
    Acquisitions (a)  13,713      224,920     
    Total $375,687  $299,014  $1,486,854  $990,834  
                  
    Gross margin, as adjusted             
    Same branch (b)  29.8 % 28.1 % 30.5 % 28.4 %
    Acquisitions (c)  27.2 %    25.9 %   
                  
    Operating profit, as adjusted             
    Same branch $197,680  $150,746  $714,058  $515,242  
    Acquisitions (a)  6,812      90,908     
    Total $204,492  $150,746  $804,966  $515,242  
                  
    Operating margin, as adjusted             
    Same branch (b)  16.3 % 14.2 % 17.2 % 14.8 %
    Acquisitions (c)  13.5 %    10.5 %   
                  
    EBITDA, as adjusted             
    Same branch $228,459  $182,072  $807,309  $605,948  
    Acquisitions (a)  8,954      133,302     
    Total $237,413  $182,072  $940,611  $605,948  
                  
    EBITDA, as adjusted, as a percentage of sales             
    Same branch (b)  18.8 %    19.5 %   
    Acquisitions (c)  17.8 %    15.4 %   
    Total (d)  18.8 % 17.1 % 18.8 % 17.4 %
                  
    As Adjusted Incremental EBITDA, as a percentage of change in sales          
    Same branch (e)  30.8 %    30.8 %   
    Acquisitions (c)  17.8 %    15.4 %   
    Total (f)  27.5 %    22.0 %   
                  
    (a) Represents current year impact of acquisitions in their first twelve months
    (b) Same branch metric, as adjusted, as a percentage of same branch sales
    (c) Acquired metric, as adjusted, as a percentage of acquired sales
    (d) Total EBITDA, as adjusted, as a percentage of total sales
    (e) Change in same branch EBITDA, as adjusted, as a percentage of change in same branch sales
    (f) Change in total EBITDA, as adjusted, as a percentage of change in total sales
                  


     
    TopBuild Corp.
    Reconciliation of Adjusted EBITDA to Net Income (Unaudited)
    (in thousands)
                    
      Three Months Ended December 31, Year Ended December 31,
      2022 2021 2022 2021
    Net income, as reported $143,834  $78,360  $555,989  $324,016 
    Adjustments to arrive at EBITDA, as adjusted:               
    Interest expense and other, net  15,194   11,140   55,029   29,139 
    Income tax expense  44,086   28,968   186,146   109,427 
    Depreciation and amortization  30,284   28,385   123,335   79,390 
    Share-based compensation  2,637   2,941   12,310   11,316 
    Rationalization charges  162      (172)  16 
    Acquisition related costs  1,216   16,262   7,974   22,107 
    Acquisition purchase accounting (inventory step-up)   15,853      15,853 
    Refinancing costs and loss on extinguishment of debt   163      14,025 
    COVID-19 pay           659 
    EBITDA, as adjusted $237,413  $182,072  $940,611  $605,948 
                    
    Proforma acquisition EBITDA(a)          548     
    Proforma TTM EBITDA, as adjusted         $941,159     
                    
    (a) Represents the trailing twelve months proforma impact of acquisitions completed in 2022.
                    


     
    TopBuild Corp.
    Acquisition Adjusted Net Sales (Unaudited)
    (in thousands)
     2022 Year Ended
     Q1 Q2 Q3 Q4 December 31, 2022
    Net Sales$1,168,918 $1,274,285 $1,300,998 $1,264,543 $5,008,744
    Acquisitions proforma adjustment † 2,934  438  -  -  3,372
    Net sales, acquisition adjusted$1,171,852 $1,274,723 $1,300,998 $1,264,543 $5,012,116
                   
                   
    † Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches
     


     
    TopBuild Corp.
    2023 Estimated Adjusted EBITDA Range (Unaudited)
    (in millions)
            
     Twelve Months Ending December 31, 2023
     Low
     High
    Estimated net income$445.0  $523.0 
    Adjustments to arrive at estimated EBITDA, as adjusted:    
    Interest expense and other, net 72.0   66.0 
    Income tax expense 157.0   184.0 
    Depreciation and amortization 128.0   123.0 
    Share-based compensation 16.0   13.0 
    Acquisition related costs 2.0   1.0 
    Estimated EBITDA, as adjusted$820.0  $910.0 
            

     

     

     


    Primary Logo

分享